Business Plan Fever!

Feb 07

Business Plan Fever!

So many people are starting new businesses! When the economy slows, and jobs disappear, it is easier to start a business than look for a new job. That is why small business is still the backbone of the American economy. The problem is, that 75% of all new businesses fail within 3 years. 50% fail in the first year. It's kinda like law school in the Paper Chase. Look to you right. Look to your left. Only one of you will make it.

You can decide who it will be. The difference will be your business plan. I can't tell you how many times I've heard "It's in my head." When it is not on paper (or computer) it will not be effective. Your business plan is your roadmap to success. It can help you identify strengths and weaknesses, opportunities and threats, cash flow requirements and anything else that will be required to operate a uniquely successful business.

Some people pay someone to "do a business plan" for them. Whose business is it? When you are creating your business paln, you take ownership of it.

When I sit down with somebody for an initial consultation, we talk about business ideas. I assign a lot of homework. I will do the financials, with input from my client, because that is my strength. Also, I will be very straight with the client. I will ask them their ultimate financial and personal goals, and will be able to tell them, based on their business plan, whether or not they should pursue their business model. In one case, I saved a person from investing $150,000 of their own money in a business which would never have achieved her desired financial return.

If you are thinking of starting a business, call me!

- Steve

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